Thomas Duetoft
Partner, Senior Portfolio Manager & Head of Client Solutions
Senior Loan
Low-Levered Senior Secured Lending Across Europe
Conservative, bank style lending. 1st lien senior secured loans with lower leverage and LTV relative to the traditional direct lending strategies.
€3.7bn
Cumulative Capital Raised1
€4.8bn
Cumulative Capital Deployed2
31
Companies Invested3
The Strategy Focuses on Investments in:
- European mid-market companies, with EBITDA typically between €20 million and €100 million;
- Senior secured loans with first-ranking seniority of €50 million to €250 million.
The strategy targets first lien investments in larger companies, with lower leverage and larger equity cushions than our Mid-Market Debt strategy.
Similar to Pemberton’s other strategies, there is a focus on non-cyclical companies with resilient products, contractual revenues and meaningful track record. Preferred sectors include food producers, healthcare, technology and others that support stable cash generative businesses.
Senior Secured Lending
Investment opportunities are originated through Pemberton’s strong and long-standing relationships with private equity sponsors, banks and advisors active in the European mid-market. In particular given its more conservative nature, the strategy works in partnership with leading commercial banks in each jurisdiction.
Refinancing portfolio companies from other strategies that have de-levered since closing provides another proprietary source of opportunities. Consistent with our Mid-Market Debt and Strategic Credit strategies, we have regular access to management and financial information that enables us to closely monitor loans post-close.
The strategy is managed by Portfolio Managers Thomas Duetoft and Andrew Benson.
1Source: Pemberton Capital Advisors LLP, June 2025. AUM defined as committed capital since inception.
2Includes recycled capital during the investment period.
3As at June 2025.
Meet the Team
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Andrew Benson
Managing Director, Senior Loan
Read the Latest Pemberton Insights
For more information, visit ‘Insights’, or click on our latest article.
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Pemberton Outlook 2025 
Pemberton Outlook 2025
We believe the outlook for European Direct Lending in 2025 is positive. Lower European base rates are expected to support M&A activity, reduce borrowing costs, and drive default rates towards historic lows. This backdrop continues to fuel the systemic transition from traditional bank lending to long-term asset managers backed by pension funds and insurance capital. […]
Selected Recent Investments
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SLF | Reevo
A portfolio company of
Term Loan & Acquisition Facilities
December 2025
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SLF | Valsa Group
A portfolio company of
Term Loan & Acquisition Facilities
November 2025
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SLF | Junge Die Bäckerei
A portfolio company of
Term Loan & Acquisition Facilities
July 2025
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SLF | Serveo & Portobello
A portfolio company of
Term Loan & Acquisition Facilities
May 2025
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SLF | Ayming & Andera EMZ
A portfolio company of
Term Loan & Acquisition Facilities
February 2025
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SLF | FI Group & EPSA
An add-on acquisition of
Acquisition Facilities
November 2024
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SLF | Satlink – Apheon
a portfolio company of
Term Loan & Acquisition Facilities
October 2024
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SLF | Cap10 – Sureserve
a portfolio company of
Term Loan & Acquisition Facilities
October 2024
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SLF | Chenue – Andrea Partners
a portfolio company of
Term Loan & Acquisition Facilities
October 2024
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SLF | Cebat – Tikehau
a portfolio company of
Term Loan & Acquisition Facilities
August 2024
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